Financials

Armacell has a long track record of growth, superior profitability and cash generation.

2019 net sales and adjusted EBITDA at all time high

Adjusted EBITDA margin of 20.7%

Significant strategic investments made to fuel future growth and profitability

Expansion of the Group’s market position across all regions, confirming position as technology leader

Diversified global presence as a multi-material and multi-product company

Resilient, capital-efficient and customer-focused business model

Net sales in € million

Net Sales by business division

Net sales by region

Five-year financial overview

in €m

2015

2016

2017 9

2018

2019 10

Income statement 1

Net sales

540.2

558.6

600.3

610.3

644.4

Adjusted EBITDA 2

95.5

100.4

103.8

106.0

133.5

Adjusted EBITDA margin

17.7%

18.0%

17.3%

17.4%

20.7 %

Adjusted EBITA 3

78.8

82.4

84.8

86.4

102.7

Adjusted EBITA margin

14.6%

14.8%

14.1%

14.2%

15.9%

Non-recurring items

12.4

11.9

5.8

19.6

9.8

EBIT

40.7

37.4

43.8

28.6

56.0

Cash flow 1

Adjusted cash flow from operating activities 4

73.1

83.7

83.9

94.3

129.1

Investments (excluding acquisitions and license agreement)

28.4

25.7

41.0

46.0

44.3

Adjusted free cash flow 5

45.5

58.0

43.4

48.9

85.6

Balance sheet 1

Current assets

187.6

191.0

210.5

252.8

265.2

Non-current assets

564.8

981.3

966.0

978.9

1,020.6

Current liabilities 6

106.4

145.8

132.4

184.6

1,272.7

Non-current liabilities and equity 7

646.0

1,206.5

1,044.1

1,047.1

13.1

Net debt - excluding shareholder loans 1

Economic equity 8

96.7

306.5

276.4

253.4

249.5

Net debt

391.6

552.6

603.5

623.3

621.4

Notes

1 Consolidated financial statements for 2016 were prepared for Armacell Holdco and included ten months of Armacell Group activities in 2016. 2 Adjusted for non-recurring items. 3 Adjusted for non-recurring items and asset impairments. 4 Adjusted for non-recurring items, depreciation and interest expenses on lease. 5 Adjusted for depreciation and lease interest expenses. 6 Includes borrowings and liabilities due to shareholder due in short notice following the change of Group ownership. 7 Non-current liabilities decreased following the change of presentation of borrowings and liabilities due to shareholders (see also note 8). 8 Includes shareholder loans. 9 Adjusted for expenses related to closure of operation.10 IFRS 16 applied since 1 January 2019.

Corporate Rating

Standard & Poor's

B

negative

April 2020

Moody's

B3

stable

June 2019

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